Concierge Medicine Marketing: How to Get Consistent High Returns (Profits and Satisfaction)
A number of factors are necessary to run a boutique or concierge-style medicine practice. This is where doctors must act as successful businessmen to create a product that is valued by the market above all others.
This requires a more targeted marketing approach. You can’t promote your company with low-quality options that don’t work.
What is Concierge Medicine?
Direct-pay business models are where the care provided by a doctor or medical practice is not only a right but a service. This model can be called boutique practice, premier, platinum, retainer, and retainer practices. You will need to take your practice beyond the norm and offer a premium service.
* Patients have valued customers and not just faceless objects on the exam table.
* Patients feel valued because they receive exceptional care and peace of mind.
In the beginning, concierge medicine was only available to wealthy patients. They typically paid between $10,000 and $20,000 per year to have their doctor on call almost all the time. The model has evolved over the years to be more accessible for middle-income patients looking for better care and a more personalized approach. This service is usually paid for by patients at the cost of between $1,000 and $3,000.
It is a way for doctors to get direct pay business and build solid and sustainable practices. A robust business model and a well-planned marketing strategy are essential to attract suitable patients. To be successful, many people find it difficult to believe in an entrepreneurial mindset. Many potential patients are prepared to pay more for faster, better service than they can access when and where they need it. This is in contrast to waiting in long lines to see a doctor or sitting in a waiting area for hours.
Concierge Medicine Marketing: The Big Issues
The success of a boutique practice is dependent on the ability to address a variety of factors and do so in an entrepreneurial manner.
You must get enough patients to make your practice profitable. To further refine this, we can say that you must get suitable patients to join your practice. For this, you will need three components:
* Concierge medicine, like any other industry, is competitive. You can’t just decide to opt for direct pay. You have to be able to differentiate yourself from your competition. You must offer a unique experience that makes you stand out.
* The proper pricing: This is often the most challenging aspect of running a direct-pay model. It involves determining the optimal value-based, profitable price. It’s all about providing your customers with exceptional value and maximizing your profits.
* Retaining patients: While your practice might be great at attracting patients, if they don’t keep them coming back, then the business will soon face serious problems. This means that you must be responsive to patient needs and develop retention strategies rather than staying static in the market. You have to be ready for the next faster gun, as they are constantly coming in quicker than you, so you need to stay ahead.
You need to work hard to create a unique practice and implement ethical marketing strategies to bring in profitable patients. You also need the right talent to do this. Many doctors don’t learn the business from college. Even if you are a natural at it, it is worth seeking professional advice. It is just as important to choose the right person to manage your marketing and business strategy as you are offering the service.
Concierge Medicine Example Program Offering
Many concierge medical practices offer many membership options for their patients. Take, for example:
* Silver: For people with traditional medical insurance who wish to have access to a more responsive setting. (Cost $100 per Month).
* Gold: Available to patients with high-deductible health insurance but backed by Healthcare Savings Accounts.
* Platinum: Available to patients who desire a more personalized and superior level of care (Cost $200/month).
A business model can be matched or mirrored, but an excellent patient experience should be unique to each practice. Your patients and guests will be impressed by the exceptional experience you create for them. Because it is the best way to attract, retain and develop referral business strategies, “remarkability” is the ultimate goal. It delivers maximum satisfaction and maximizes profitability.
How to create an entrepreneurial mindset
Although it may not seem second-nature to many physicians, concierge medicine is a lucrative business that requires you to be a marketing expert. To get the best response, your practice must be positioned well in the market. This means finding the right people to market your practice and provide a high return on investment. It is worthwhile to expect patients to invest $500-$1,000 in your business over the course of a lifetime if you want them to do so.
Marketing is not as simple as getting your teenager to post a few articles and tweets on Twitter, Linked In, or Facebook. Many doctors don’t know how to market themselves properly. They struggle in the dark, not knowing if their strategy is working. Many people spend too much money on ill-conceived marketing strategies that don’t work.
You must invest in people with proven track records of success if you want to be successful.
How to manage patient expectations
When setting up a direct-pay business model, one area to be cautious about is managing patients’ expectations. Patients need to be aware of what 24/7 access means. Is it for all minor issues or only for urgent problems? Direct-pay patients have more flexibility than those who are subject to insurance company rules. They don’t have to visit the clinic every day and can communicate with their doctor via Skype, phone, or email. However, it is essential to inform your patients about what they can expect.
Of course, there is another problem when operating a concierge medicine office with possible overlap with a patient’s insurance plan. If doctors aren’t careful, they could be charged with fraud. This includes opting out from Medicare in some instances or signing a waiver agreeing to not seek reimbursement for services rendered by concierge doctors.
Concierge medicine marketing requires a willingness to dig deeper than other products and brands. Offering a luxury service requires you to identify a market, differentiate yourself from other brands, develop social proof, and come up with mighty USPs.
It is not about building a large patient base. However, it is essential to ensure that the benefits are being met and that there are consistent high returns. You need a marketing expert to help you find high satisfaction levels and higher profits.